Australian Renewables Collapse: 1 $6.6 Million (A) In Q1 15; Investment Down 90% YOY
Australia's large-scale renewable energy industry has entered an investment freeze, with just one project securing finance in the past six months amid political uncertainty, according to Bloomberg New Energy Finance.
The lone venture in the first three months of 2015 was worth just $6.6 million and following a complete drought during the December quarter, BNEF said. The project was a floating solar photovoltaic (PV) plant being developed in Jamestown, South Australia, by Infratech Industries.
"Investment has been stifled by policy uncertainty for over 13 months since the Abbott government's [Renewable Energy Target] review was announced on 17 February 2014," BNEF said. "The Australian large-scale clean energy industry has become practically uninvestable due to ongoing uncertainty caused by the government's review."
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The dive in investment comes as the Australian Bureau of Statistics estimated that more than 2000 jobs had been lost in the industry over the past two years. Some 12,590 people were employed full-time in the wind, solar and other renewable energy industries last year, down from almost 15,000 two years earlier.
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The consultancy also noted that Banco Santander, the world's third-largest clean energy lender, departed the Australian market in the March quarter in another sign of waning investor interest.
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http://www.smh.com.au/environment/climate-change/australias-renewable-energy-investment-grinds-to-a-halt-20150414-1mkn70.html